May 28 (SeeNews) - Croatia expects to receive 10 billion euro ($11 billion) from the European Commission's newly-proposed 750 billion euro recovery package aimed at helping the EU economies cope with the coronavirus crisis while preparing for the future, prime minister Andrej Plenkovic said.
"It is envisaged that Croatia will get just above 10 billion euro from the Next Generation EU instrument, 7.3 billion euro of which will be grants and 2.65 billion will be potential loans," Plenkovic said in a statement on Wednesday, adding the money will be made available to the country in the next four years.
"This is a huge support for Croatia in these circumstances for a better and faster exit from the crisis," he noted.
Plenkovic said that such an EU aid plan will additionally strengthen Croatia's reputation among international financial institutions and on the foreign financial markets.
The government will announce in the coming days more details on how much funding each sector of the economy will receive, Plenkovic said, adding that the European Council is due to meet on June 19 to try to reach a consensus on the proposed Next Generation EU package and on the reinforced multi-annual financial framework for 2021-2027 planned at 1,100 billion euro.
On Wednesday, the European Commission put forward its proposal for a major recovery plan.
"To ensure the recovery is sustainable, even, inclusive and fair for all Member States, the European Commission is proposing to create a new recovery instrument, Next Generation EU, embedded within a powerful, modern and revamped long-term EU budget," the Commission said in a statement.
($=0.907032 euro)